On January $1,2026,$Crane$$Corp$.$ had$501,000$shares of common stock outstanding. During $2026,$ it had the following transactions that affected the common stock account.

February $1$

Issued$126,000$shares

March $1$

Issued a $10\%$ stock dividend

May $1$

Acquired$101,000$shares of treasury stock

June $1$

Issued a $3-$for$-1$ stock split

October $1$

Reissued$57,000$shares of treasury stock

$($a$)$

Your answer is correct.

Determine the weighted$-$average number of shares outstanding as of December $31,2026.$

The weighted$-$average number of shares outstanding

enter the weighted$-$average number of shares outstanding as of December $31,2026$Correct answer

$$

Attempts: $2$ of $15$ used

$($b$)$

$$

Your answer is correct.

Assume that$$Crane$$Corp$.$ earned net income of $$3,308,000$during $2026.$ In addition, it had$101,000$shares of$8\%,$ $$100$par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in $2026.$ Compute earnings per share for $2026,$ using the weighted$-$average number of shares determined in part $($a$).($Round answer to $2$ decimal places, e$.$g$.2\mathrm{.}55.)$

Earnings per share

$enter the earnings per share in dollars rounded to $2$ decimal places$$Correct answer

$$

Attempts: $15$ of $15$ used

$($c$)$

Your answer is incorrect.

Assume the same facts as in part $($b$),$ except that the preferred stock was cumulative. Compute earnings per share for $2026.($Round answer to $2$ decimal places, e$.$g$.2\mathrm{.}55.)$

Earnings per share

$enter the earnings per share in dollars rounded to $2$ decimal places$$Incorrect answer

$$

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Attempts: $3$ of $15$ used

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$($d$)$

Your answer is incorrect.

Assume the same facts as in part $($b$),$ except that net income included a loss from discontinued operations of $$427,000($net of tax$).$ Compute earnings per share for $2026.($Round answers to $2$ decimal places, e$.$g$.2\mathrm{.}55.)$

Earnings per share

$enter the earnings per share in dollars rounded to $2$ decimal places$$Incorrect answer